iRhythm Technologies IRTC shares soared 21.7% in the last trading session to close at $75.59. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.4% loss over the past four weeks.
iRhythm Technologies scored a strong price increase driven by the optimism surrounding the recent FDA 510(k) clearance for design changes and enhancements previously made to its Zio AT device. It supports the company’s remediation efforts with the FDA and reinforces trust in the device’s clinical accuracy and reliability. Additionally, the market is also positive about the company's impending third-quarter earnings release, scheduled on Oct. 30, 2024.
This company is expected to post quarterly loss of $0.55 per share in its upcoming report, which represents a year-over-year change of +38.2%. Revenues are expected to be $147.29 million, up 18.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For iRhythm Technologies, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IRTC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
iRhythm Technologies is part of the Zacks Medical Info Systems industry. Schrodinger, Inc. SDGR, another stock in the same industry, closed the last trading session 4.2% higher at $18.68. SDGR has returned -5.5% in the past month.
For Schrodinger
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